Catenaa, Sunday, March 02, 2025-South Korea prosecution service has officially launched a specialized unit to combat crypto-related crime, including scams and fraud, amid rising concerns over digital asset fraud.
The Joint Investigation Unit (JIU) for Virtual Asset Crimes, which had operated temporarily since 2023, is now formalized and will function with greater independence.
The unit, based at the Seoul Southern District Prosecutors’ Office, comprises public prosecutors and 11 staffers from key financial regulators, including the Financial Services Commission and the Financial Supervisory Service. It has expanded to 34 full-time employees, many of whom have significant experience with crypto fraud cases.
The JIU’s formation follows an uptick in high-profile crypto scams, leading to over 70 indictments and 25 arrests since its inception. Notably, the unit has been investigating a suspected scam coin, Queenbee, which led to the indictment of a prominent shaman, Jeon Seong-bae, in connection with illegal political funding. The unit aims to tackle insider trading, price manipulation, and other unfair practices in the crypto space.
At the official launch ceremony held on February 27, 2025, the unit vowed to create an “effective crime response system” to address the growing sophistication and globalization of crypto fraudsters. Chief Prosecutor Park Geon-wook will lead the newly expanded division, supported by two deputy chief prosecutors.
